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SEC to Vote on SBS Reporting, Order-Handling Rules and Disclosure Amendments's picture
Commentary by Nihal Patel

The SEC announced that it will hold an open meeting in order to discuss and decide on the following matters: (i) adopting amendments and issuing guidance concerning its Regulation Reporting and Dissemination of Security-Based Swap Information ("Regulation SBSR"), (ii) proposing new requirements for the disclosure of order-handling information, and (iii) proposing amendments that would address redundant, duplicative and superseded disclosure requirements. The SEC also announced that it will vote on amendments to its Rules of Practice regarding administrative proceedings.

The open meeting will take place on July 13, 2016 at 10:00 a.m.


Presumably, the new amendments relate to a proposal that was issued last year, when the SEC also adopted the bulk of Regulation SBSR. Notably, that proposal included a compliance schedule for most of the substantive requirements of Regulation SBSR. Under the current proposal, the compliance schedule would be tied to the time at which a security-based swap data repository ("SDR") began accepting reports; as covered previously, two SDR registration applications are pending SEC consideration.

Other notable items on the open meeting agenda include the following:

  • A proposal to establish new order-handling requirements that would continue the recent trend of post-Flash Boys regulations and reconsiderations of market structure.
  • A proposal to address existing disclosure requirements, which follows a politically charged "Disclosure Effectiveness Initiative" that compelled one Senator to accuse the SEC of "def[ying] the will of Congress and its mission to protect investors and instead has pursued an agenda aligned with narrow interests of the U.S. Chamber of Commerce and big business." See also this entertaining (if frustrating) exchange between SEC Chair Mary Jo White and Senator Elizabeth Warren during a Congressional hearing.

The adoption of proposed amendments to the SEC procedures for administrative proceedings, which come against a backdrop of questions as to the constitutional legitimacy of due process afforded in SEC administrative proceedings.

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